ST Tianlong continues to face trading risk warnings

Jiangsu Huasheng Tianlong Photoelectric announced the continuation of its risk warnings due to several factors. The company's auditor issued an audit report with uncertainties regarding its ability to continue as a going concern, and the company's net assets at the end of 2024 were negative, leading to a delisting risk warning implemented on April 22, 2025. Production has been severely impacted since December 2018, and the company has been subject to other risk warnings since September 2020. Furthermore, a key subsidiary's bank accounts remain partially frozen due to legal disputes, though the company states that frozen accounts do not affect its funding. A major shareholder, Dayou Holdings, faces potential forced disposal of shares, which could impact control of the company. The company is trying to develop new energy power station projects. The audited net losses of the company were CNY -27,303,694.80 in 2024, despite revenue of CNY 38,511,168.67 in new EPC engineering business and CNY 42,251,262.72 in equipment sales.